Week 5 Part II Part III Rough Draft Part II Forecasting health and medicine homework help

Week 5 Part II & Part III Rough Draft

Part II – Forecasting

Forecasting is becoming more and more common in healthcare facilities. Although forecasting may appear similar to predicting the future, forecasting is completed by considering many different external and internal factors that affect a healthcare facility.

Below you will find historical data and current data, as well as a future forecast for a local medical center of total patients seen. After analyzing the data answer the following questions:

(Note: * next to any number represents a forecasted value)

• Evaluate the forecasted values on the table. Explain in detail why you agree or disagree with the projected values.
• Identify and explain possible reasons for the change in total patients seen over the three years in the table.
• Forecast how the projected numbers for the three years would affect revenues for the medical center. Explain how these numbers allow the practice manager to estimate the cash flow for the facility.

Part III – Budgeting in Healthcare

Please respond to the following items regarding budgets in healthcare facilities.

• Identify and describe:
  • The four types of budgets that are developed by a healthcare facility.
  • The components included in a break-even analysis. Evaluate the importance of the break-even analysis and each of its components in managing a healthcare facility.
• Calculate the facilities Commercial Quarter 1 Gross Revenues with the admission fee as $55 and the follow-up fee as $35.

Explain how the four types of budgets are interrelated.

Estimating revenues and cash flow is an important part of a break-even analysis. Changing fee structures will have an impact on budgeting. The following table contains the weighted encounters for the four quarters of the past year for a particular facility; use this information to answer the questions that follow:

Calculate the facilities Commercial Quarter 1 Gross Revenues with the admission fee as $55 and the follow-up fee as $35.

Calculate the facilities Medicare Quarter 1 and 3 Gross Revenues with the admission fee as $55 and the follow-up fee as $35. o Calculate the Net Revenue if the discount for Medicare were 70 percent.

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